The Principle of ____ States That an Insured Should Not

question 131

Multiple Choice

The principle of ____ states that an insured should not be compensated by an insurance company in an amount exceeding the economic loss.

• A)subrogation
• B)insurable interest
• C)coinsurance
• D)indemnity
• E)none of these

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Definitions:

Rule Utilitarianism

A theory in ethics which suggests that the correctness of an action depends on whether it conforms to a set of rules that, if universally followed, would lead to the greatest good for the greatest number.

Storm Warning

A weather alert indicating that a storm, typically severe, is imminent or occurring within a specified area.

Critically Thinking

The process of actively analyzing, assessing, synthesizing, and evaluating information gathered from observation, experience, or communication.

Rawls's Justice Theory

A philosophical framework proposing principles of justice, including the maximin strategy for social and economic inequalities, ensuring the most extensive basic liberties for all.